January 2021 Webzine - Eric de Nexon's Regulatory Chronicle

Watch Eric de Nexon's regulatory perspectives for 2021.

January 2021 Webzine - François Letondu - Economist, Societe Generale

François Letondu, Head of macro-sector and macro-financial studies at Societe Generale, explains the concept behind Central Bank Digital Currencies (CBDCs), their links with the Blockchain, the 2 different types of CBDCs and central banks views on the subject.

Community and International news

AllInternational and European news
BREXIT and CCP temporary equivalence decision
On 21 September 2020, the European Commission adopted a temporary equivalence decision for the regulatory framework...
International and European news
On 21 September 2020, the European Commission adopted a temporary equivalence decision for the regulatory framework applicable to the United Kingdom on central counterparties (CCPs), for a period of eighteen months from 1 January 2021, in order to counter any potential risks to financial stability.
BREXIT and CCP temporary equivalence decision
BREXIT and CSD temporary equivalence decision
On 25 November 2020 the European Commission adopted a temporary equivalence decision for the regulatory framework...
International and European news
On 25 November 2020 the European Commission adopted a temporary equivalence decision for the regulatory framework applicable to the United Kingdom on central securities depositories (CSDs).
BREXIT and CSD temporary equivalence decision
Capital Markets Union: Publication of a crowdfunding framework
On 20 October 2020, EU Directive 2020/1504 and EU Regulation 2020/1503 of 7 October 2020 on European Crowdfunding...
International and European news
On 20 October 2020, EU Directive 2020/1504 and EU Regulation 2020/1503 of 7 October 2020 on European Crowdfunding Service Providers (ECSPs) were published in the Official Journal.
Capital Markets Union: Publication of a crowdfunding framework
CMU: New European Commission action plan
On 24 September 2020, the European Commission published its new action plan to boost the Capital Markets Union (CMU).
International and European news
On 24 September 2020, the European Commission published its new action plan to boost the Capital Markets Union (CMU).
CMU: New European Commission action plan
European Commission Adopts Digital Finance Package
On 24 September 2020, the European Commission adopted a new digital finance package, made up of a digital finance...
International and European news
On 24 September 2020, the European Commission adopted a new digital finance package, made up of a digital finance strategy, a retail payments strategy, legislative proposals for an EU regulatory framework on crypto-assets, and proposals for an EU regulatory framework on digital operational resilience.
European Commission Adopts Digital Finance Package
ESMA: New Union Strategic Supervisory priorities
0n 13 November 2020, ESMA has identified costs and performance for retail investment products and market data quality as...
International and European news
0n 13 November 2020, ESMA has identified costs and performance for retail investment products and market data quality as the Union Strategic Supervisory Priorities for national competent authorities (NCAs).
ESMA: New Union Strategic Supervisory priorities
MiFIR transparency regime for non-equity financial instruments
On 29 September 2020, ESMA published the Final Report on the MiFID II/MiFIR transparency regime applicable to non-equity...
International and European news
On 29 September 2020, ESMA published the Final Report on the MiFID II/MiFIR transparency regime applicable to non-equity financial instruments.
MiFIR transparency regime for non-equity financial instruments
Draft RTS for EMIR
On 23 November 2020, the European Supervisory Authorities (ABE, EIOPA, ESMA) published a final report with draft RTS...
International and European news
On 23 November 2020, the European Supervisory Authorities (ABE, EIOPA, ESMA) published a final report with draft RTS for EMIR, proposing to substitute certain novations and amend timelines for intragroup transactions and equity options.
Draft RTS for EMIR
Global transition roadmap for LIBOR published by FSB
On 16 October 2020, The Financial Stability Board (FSB) has published a global transition roadmap for LIBOR.
International and European news
On 16 October 2020, The Financial Stability Board (FSB) has published a global transition roadmap for LIBOR.
Global transition roadmap for LIBOR published by FSB
Guidelines on Internal Control for Credit Rating Agencies (CRAs)
On 30 September 2020, ESMA published its final report on its Guidelines on Internal Control for CRAs.
International and European news
On 30 September 2020, ESMA published its final report on its Guidelines on Internal Control for CRAs.
Guidelines on Internal Control for Credit Rating Agencies (CRAs)
ESMA updates Regulatory Technical Standards (RTS) under the BMR
On 29 September, ESMA published its final report containing new sets of draft RTS under the Benchmarks Regulation (BMR).
International and European news
On 29 September, ESMA published its final report containing new sets of draft RTS under the Benchmarks Regulation (BMR).
ESMA updates Regulatory Technical Standards (RTS) under the BMR

National news

AllNational news
FR - Digital Assets Service Providers: Registration and license
On 22 September 2020, the AMF published a document explaining its expectations regarding the key points of the digital...
National news
On 22 September 2020, the AMF published a document explaining its expectations regarding the key points of the digital asset service provider regime created under the law of 22 May 2019, known as the PACTE law, which created an innovative regime for crypto-assets by establishing a status of digital asset service provider in France, covering a wide variety of...
FR - Digital Assets Service Providers: Registration and license
FR - Reinforcement of the asset-freezing system
On 4 November 2020, Order 2020-1342 was published, reinforcing the system for freezing assets and prohibiting their use....
National news
On 4 November 2020, Order 2020-1342 was published, reinforcing the system for freezing assets and prohibiting their use.
FR - Reinforcement of the asset-freezing system
LU - Circular on requirements regarding IT risk management
On 25 August 2020, the “Commission de Surveillance du Secteur Financier” (CSSF) published Circular 20/750 on...
National news
On 25 August 2020, the “Commission de Surveillance du Secteur Financier” (CSSF) published Circular 20/750 on requirements regarding information and communication technology (ICT) and security risk management, implementing in Luxembourg the EBA Guidelines on ICT and security risk management (EBA/GL/2019/04, “the guidelines”).
LU - Circular on requirements regarding IT risk management
DE - BaFin publishes revised version of depositaries circular
On 4 November 2020, the German Federal Financial Supervisory Authority (BaFin) published a revised circular (05/2020...
National news
On 4 November 2020, the German Federal Financial Supervisory Authority (BaFin) published a revised circular (05/2020 (WA)) on the tasks and duties of the depositary containing amendments resulting from the Level 2 Delegated Regulation made under UCITS V. In addition to editorial changes, the circular contains amendments relating to the following topics.
DE - BaFin publishes revised version of depositaries circular
IT - CONSOB resolution on AIF distribution in Italy
On 22 September 2020, CONSOB published a resolution n° 21508 amending Article 34 of the Issuers Regulation no. 11971,...
National news
On 22 September 2020, CONSOB published a resolution n° 21508 amending Article 34 of the Issuers Regulation no. 11971, which will come into effect at the beginning of November 2020.
IT - CONSOB resolution on AIF distribution in Italy
ES - Technical guide on currency derivatives used as a mean of payment
On 28 September 2020, the CNMV has approved a Technical Guide on currency derivatives used as means of payment that are...
National news
On 28 September 2020, the CNMV has approved a Technical Guide on currency derivatives used as means of payment that are not considered to be financial instruments for the purposes of MiFID.
ES - Technical guide on currency derivatives used as a mean of payment
IE - CBI Guidance for MMFR Reporting
On 31st August 2020, the Central Bank of Ireland (CBI) published guidance on Money Market Fund Regulation (MMFR)...
National news
On 31st August 2020, the Central Bank of Ireland (CBI) published guidance on Money Market Fund Regulation (MMFR) Reporting requirements for Fund Management Companies of Irish Authorised Money Market Investment Funds.
IE - CBI Guidance for MMFR Reporting
GB - FCA considerations for UK firms after the implementation period
On 30 September 2020, the FCA updated its webpage on considerations for UK firms after the implementation period. The...
National news
On 30 September 2020, the FCA updated its webpage on considerations for UK firms after the implementation period. The FCA details that if firms deposit client money and/or custody assets in any institution in the EEA, or if their safeguarding institution is in the EEA, then they should think about the legal basis on which that business occurs and how that...
GB - FCA considerations for UK firms after the implementation period
US - Modernized Regulatory Framework for Derivatives Use
On 28 October 2020, the Securities and Exchange Commission voted to enhance the regulatory framework for derivatives use...
National news
On 28 October 2020, the Securities and Exchange Commission voted to enhance the regulatory framework for derivatives use by registered investment companies, including mutual funds (other than money market funds), exchange-traded funds (ETFs) and closed-end funds, as well as business development companies.
US - Modernized Regulatory Framework for Derivatives Use